Pandora acquires store network in Portugal
Pandora takes over 34 locations from its distributor Visão do Tempo to assume full ownership of its Portuguese business.
Today Pandora, the world’s largest jewellery brand, announces that the company is acquiring the distribution and sales network of Visão do Tempo, Pandora’s distributor in Portugal. Visão do Tempo introduced Pandora on the Portuguese market 16 years ago and today operates 25 concept stores and nine shop-in-shops in the country. All 34 locations will open as Pandora owned and operated stores on the 20th of July.
The acquisition supports Pandora’s Phoenix strategy that aims to drive growth through a number of initiatives including strategic network expansion. By acquiring the network in Portugal, Pandora will also get better control of its brand development and be able to build a superior omni-channel journey and improve its product offering.
Most of the stores are located in key cities and at premium locations, and they are visited by both Portuguese customers and tourists. Pandora’s Portuguese business has delivered good growth over the past 10 years, and Visão do Tempo reached more than €24m in sales in 2021 (sell-out revenue from the 34 stores plus sell-in to multibrand outlets).
“Portugal is one of the top markets in Western Europe and we see great potential to further strengthen our brand and drive growth,” says Olivier Kessler-Gay, General Manager of the Western Europe market cluster at Pandora. “I would like to thank Visão do Tempo for launching Pandora in Portugal 16 years ago and for their dedicated stewardship ever since. Pandora is today a main actor in the Portuguese jewellery sector, and we plan to continue the positive development.”
“We are deeply thankful for the opportunity to establish and grow Pandora in Portugal,” says Frederico Carneiro, CEO at Visão do Tempo. “Today’s strong market position is a result of the hard work from our distribution and retail teams and is only possible because of our loyal customers across the country. Pandora will now enter a next phase In Portugal. I am confident that this step will take the brand even further and bring it much more success.”
Pandora is the world's largest jewellery brand. The company designs, manufactures and markets hand-finished jewellery made from high-quality materials at affordable prices. Pandora jewellery is sold in more than 100 countries through 6,800 points of sale, including more than 2,600 concept stores.
Headquartered in Copenhagen, Denmark, Pandora employs 27,000 people worldwide and crafts its jewellery at two LEED-certified facilities in Thailand. Pandora is committed to leadership in sustainability and will use only recycled silver and gold in its jewellery by 2025 and halve greenhouse gas emissions across its value chain by 2030. Pandora is listed on the Nasdaq Copenhagen stock exchange and generated sales of DKK 23.4 billion (EUR 3.1 billion) in 2021.
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